Swiss Market Closes On Firm Note For 3rd Straight Day

(RTTNews) - The Switzerland stock market ended on a firm note on Wednesday, bucking the largely negative trend seen across Europe.

The benchmark SMI scaled a new all-time high at 12,687.85 before paring some gains and settling at 12,597.43, still 83.81 points or 0.67% up from the previous close.

Alcon, the top gainer in the SMI, ended 1.88% up. Partners Group and Lonza Group gained 1.67% and 1.62%, respectively. Roche Holding advanced 1.26%.

Nestle gained about 1.6% to move near a record high after the company said it would raise about 8.9 billion euros ($10.2 billion) by selling part of its stake in French cosmetics giant L'Oreal. Nestle said it would increase share buybacks with the proceeds from the sale of its about 3.2% stake from an existitng stake of 23.3% in L'Oreal.

Swisscom, Holcim, Zurich Insurance Group, Richemont and SGS ended lower by 0.3 to 0.7%. UBS Group, Sika, Novartis and Geberit edged down marginally.

Among the stocks in the Swiss Mid Price Index, Vifor Pharma climbed 2.27%. Georg Fischer and Clariant gained 1.27% and 1.16%, respectively. Julius Baer gained nearly 1%.

Swatch Group declined 2.89% and AMS shed 2.25%. Schindler Holding, Cembra Money Bank, SIG Combibloc, Schindler Ps and Adecco ended lower by 1 to 1.7%.